Form 4: Orange County Bancorp Director Kennedy Reports Acquisition of Phantom Stock
SEC Filing
Director Marianna R. Kennedy reports acquiring phantom stock and holding restricted stock units in Orange County Bancorp, Inc.
Summary
- On October 1, 2024, Marianna R. Kennedy, a director of Orange County Bancorp, Inc., reported a transaction involving phantom stock.
- Kennedy acquired phantom stock representing 320 shares of common stock at a price of $58.51 per share.
- Following the transaction, Kennedy directly owns 3,195 derivative securities (phantom stock).
- Kennedy also holds 1,301 shares of common stock, including restricted stock units that vest at different dates and are settled upon separation from service.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by a company director, with neutral sentiment.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency into the transactions of company insiders, such as directors and officers, ensuring fair market practices.
Stakeholder Impact
- The transaction provides transparency to shareholders regarding the holdings of company directors.
Key Dates
| Date | Description |
|---|---|
| August 8, 2024 | Restricted stock units vested 100% and are settled in shares of Issuer common stock upon separation from service of the reporting person. |
| October 1, 2024 | Date of the transaction involving phantom stock acquisition. |
| October 2, 2024 | Date of signature on the Form 4 filing. |
| March 21, 2025 | Restricted stock units which vest 100% and are settled in shares of Issuer common stock upon separation from service of the reporting person. |
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